james16 Chart Thread

For anyone new here, please follow Jim's advice. He's not spewing a bunch of garbage about demoing for AT LEAST 3 months. I've followed this thread for years and have watched Jim, Bundy, Habeeb, Mike, Raczekfx, Seeking, Clockwork, Wizard, Ghous, Jaroo and others trade price action successfully, but they all do it differently. People see things differently. People think differently. People's stomachs react differently to stress. The demoing is not just about learning the price action and pivot zones and money management. Its learning how you handle each of those aspects and how you fit those pieces of the puzzle together. You have to make it your own. Jim has given us the basic building blocks, we just need to fit it into our own personal criteria. In the end, you may end up being a clone of one of the experts that I've mentioned or you may find something a little different that works. The key is the testing. Thats where you will build an understanding of how YOU see things. Thats where you develop patience and the mental capital necessary to win at this game.

Some of you will probably still roll your eyes when you read a post like this. I used to. It took me two years of stubborness to finally demo and really dig into what I was studying. I'm finally seeing results. I'm a lot calmer and patient than I've ever been. I'm doing things with trades that I used to only dream about (holding a trade more than 2 hours comes to mind. Was a professional stock sclaper for 4 years. 15 minutes in a trade was an eternity back then LOL). I still make mistakes and bad trades, who doesn't? But they're a lot fewer and a lot farther between than they used to be. I've finally gotten to the point where I can take a loser and say,"Oh well...Next!"

I've seen a lot of newbies enter this thread lately. We need a post like this every day to pound this into their heads.

Have read the first 100 pages or so of this thread and have checked out the PF. The help and advise given on here is incredible - you should all be very proud. I am seriously considering joining the PF. I have been trading for a few months spread betting UK equities but came across this thread via the T2W site. Being used to spread betting I am struggling with the concept of position / lot sizes and $ per pip. I'm sure this is simple and I'm probably making it more complicated than it needs to be - can anyone enlighten me using a (very)...

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Hey Leebar

Welcome glad you are enjoying this thread, spend some time here it will only help

Calculating your position size is real easy

Say your account size is $10,000 and you want to risk 1% per trade. Now no matter what size your stop is your position size chagnes based on the size of your stop

Example you want to enter a pinbar that has a 100 pip stop. So you want to risk 1% which equals $100 per trade. That means you can have a position size of 10,000 units(which equals 1$ per point).

Now say you want to take a trade that has a 200 point stop. You are still risking 1% or 100$ per trade, but now you can only have a max position size of 5,000 units (or 50cents per pip).

Thanks. I know that you have a poker background. Can't say that I'm good at the game, but I've studied and done the online thing and have taken valuable lessons from the experience.

When it comes down to it, most people can't handle losing even in casual situations. They either bolt from the situation or do some and irrational things to avoid losing. I play spades, backgammon, checkers, etc online to kill time every now and then. Its funny to watch people just leave in the middle of a game because they're not winning. People jump out of backgammon games if they don't like their initial roll of the dice. And this is in a casual, anonymous game.

One day it hit me like a ton of bricks that I was doing the same silly behavior in my trading

I look at this much like my old profession. For 35 years I've built high end custom homes. From the hole in the ground to the finest interior details it's always the same. You start at the bottom and work your way to the roof. Skipping any one step along the way simply insures structural failure at some point in the end.

No matter what situations arise and believe me, the variables and pitfalls involved in construction is a VERY long list, you must learn, adapt and cope with each before proceeding to the next step. At the very least this requires patience. At the other end, a burning determination to see it through.

I can tell you that several times along the way, due to weather delays, material delays, changes in the plan, labor issues (again the list is long), there were times I made just enough to pay the crew and times paying them came from my pocket. Trading is no different. There will be times you put the work in and break even and times it will cost you. If you can't except that, it's the wrong business to get involved with.

Hi all, im another newbie to the thread here, although I've been trading for a while. I hope i can bring some usefull and constructive ideas to the table, and learn a lot from you guys too of course.

Just some setups here which i've been keeping a eye on recently - nothing to make you jump out of your seat, even if we break this 4H pin high then i still wouldn't count this as golden setup by any means because of the nearby overhead resistance. I'm more likely to wait for a break of this significant zone and then sell on a re-test with some decent PA.

Sometimes i just like looking through other peoples eyes to check if they are seeing something i'm missing, i'm sure there are some people here who are like that too.

Anyhoo, thanks for the great thread which you have built up here. Looking forward to sharing some better ideas in the future.

Hi Ghous and guys...NFP day coincides with my daughter finishing school early for end of term here in London...so I have been hassling her with some worksheets on fractions...prize for getting these right is to help me change the water in her fish tank!!!...yea I know what a great dad I am...any road thanks to you and the rest of you guys helping on this thread...I will get back to real trading next week and will try and post any trades that I am considering along with my plan of attack.

Hi Ghous and guys...NFP day coincides with my daughter finishing school early for end of term here in London...so I have been hassling her with some worksheets on fractions...prize for getting these right is to help me change the water in her fish tank!!!...yea I know what a great dad I am...any road thanks to you and the rest of you guys helping on this thread...I will get back to real trading next week and will try and post any trades that I am considering along with my plan of attack.

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When I was just abt to curse myself for being so dumb at math a genius saved me...

"Do not worry about your problems with mathematics, I assure you mine are far greater."

I look at this much like my old profession. For 35 years I've built high end custom homes. From the hole in the ground to the finest interior details it's always the same. You start at the bottom and work your way to the roof. Skipping any one step along the way simply insures structural failure at some point in the end.

No matter what situations arise and believe me, the variables and pitfalls involved in construction is a VERY long list, you must learn, adapt and cope with each before proceeding to the next step. At the very least this requires...

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Very well said.

The truth is you will find many similarities between a real business and trading simply because Trading IS a real business

The phrase "Trading Is A Business" is probably a cliche by now but it's amazing to see how so many still don't understand the meaning behind it. When you think abt it it's natural...

When you're not obliged to dress into a formal three piece suit (your underpants are sufficient)...

when you don't need an office as a nucleus for your business (your messy room will suffice)...

when you don't need any formal financial records (a word pad page or a scribbled notebook is good enough)

when you don't need someone on your head to tell you what to do or someone below you to be told what to do (you are your own boss and employee)

when you don't need to attend formal meetings or hook up with wannabes and charlatans (rather listen to your favorite music while you're trading)

...it is not surprising that few will treat it like any other professional business,

Everything mentioned above in brackets are pros very few other income opportunities will provide you with, yet they can be the chief reasons for the adhesiveness in stiff undesirable attitudes.

The truth is you will find many similarities between a real business and trading simply because Trading IS a business

The phrase "Trading Is A Business" is probably a cliche by now but it's amazing to see how so many still don't understand the meaning behind it. When you think abt it it's natural...

When you're not obliged to dress into a formal three piece suit (your underpants are sufficient)...

when you don't need an office as a nucleus for your business (your messy room will suffice)...

when...

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well said! i wonder how many desperate folks are entering into the forex world as newbies now as unemployment rises month after month. i truly hope all of us continue to follow this great advice, no matter how much we may want or need BIG money FAST. follow the rules, follow the rules, follow the rules..

EUR/AUD seems to have bounced off major s/r level @ 1.86 ppz, is now @ 1.88. Daily seems to be forming a pin. Next hurdles would be 1.8883, and 38% retracement @ 1.8966. Looking for opinions on whether this pair would be good to go long, considering PA is also forming a descending triangle, but could be a long way off of breaking to the downside. I'd see entry somewhere above the mentioned hurdles...

For anyone new here, please follow Jim's advice. He's not spewing a bunch of garbage about demoing for AT LEAST 3 months. I've followed this thread for years and have watched Jim, Bundy, Habeeb, Mike, Raczekfx, Seeking, Clockwork, Wizard, Ghous, Jaroo and others trade price action successfully, but they all do it differently. People see things differently. People think differently. People's stomachs react differently to stress. The demoing is not just about learning the price action and pivot zones and money management. Its learning how you handle...

I look at this much like my old profession. For 35 years I've built high end custom homes. From the hole in the ground to the finest interior details it's always the same. You start at the bottom and work your way to the roof. Skipping any one step along the way simply insures structural failure at some point in the end.

No matter what situations arise and believe me, the variables and pitfalls involved in construction is a VERY long list, you must learn, adapt and cope with each before proceeding to the next step. At the very least this requires...